Beginner:Question?

[Account Closed]

If I contract a deal and retail it before closing how do I transfer and secure funds without putting my own money in? (Florida) Would I set up a simutanious close or just use a title company to arrange that?

[J Scott]

Originally posted by @Account Closed:

@J Scott - meaning like a wholesale? or just whatever my profit is I would list that as my fee? I haven't done one deal yet, in process of marketing now and just joined my local real estate investing club 2 days ago. So Im trying to wrap my brain around this as Im devising my plan.

Yes, wholesaling is what you're trying to do. You would sign a contract with the seller with language giving you the right to assign the contract to someone else (or at least not restricting you from assigning it), and then when you find a buyer, you create a separate agreement with the buyer for him to take over the contract...for a fee. That fee is paid to you on the HUD, and your buyer just takes over the contract as-is.